Homeowners Facing Foreclosure

by : Melanie Jordan

When I used to deal with my Orange County real estate and Las Vegas real estate clients, all my real estate investors always wanted me to hunt high and low for that magical "motivated seller".? And this was in the thick of the hot markets up to later 2005 when sellers just laughed in your face at any concessions.? You couldn't have a more unmotivated bunch as the sellers routinely asked, and got, waivers of contingencies for home inspections, waivers for termite inspections, waivers of loan qualifying and funding.?

Today the shoe is on the other foot as most (but surprisingly not all) sellers are motivated, and buyers are asking for the world.? The most motivated seller of all is a homeowner facing foreclosure.

Whether the seller is the innocent victim of easy credit, being out and out lied to by overzealous lenders and/or Realtors, or just got greedy with the whirlwind of speculation and bit off more than they could chew, the result is the same, they are motivated.

So foreclosure investing can potentially be one sweet deal after another (if the deal makes sense from a numbers perspective), as all of these owners have to sell to get out from under their troubles.? They are truly motivated which is exactly what any real estate investor wants!

A homeowner facing foreclosure might initially seem slower than molasses to act.? You might wonder "what's up, I thought they had to sell?"? Don't be fooled, ultimately they are among the most motivated sellers you will ever encounter in real estate dealings.

Why?? Unless they can refinance the property somehow (and usually this option, if available to them, would already have been explored), they have to sell the property somehow, or they will lose it to foreclosure.? Can you say "motivated seller?"

?Copyright 2008 SunLover Publishing LLC